Dexia buyback ‘distressed exchange’: S&P

Standard & Poor’s said on Thursday that Dexia Bank Belgium’s cash tender — which struck market participants this week with its low 25% buyback price — is a distressed exchange.

24 Feb 2012

In the exercise led by UBS, the bank is offering to buy back a 500m tier one. The cash tender had been planned in Dexias restructuring plan signed last year, when the Belgian government bought the banks operations in that country.